CIRTEK Holdings Philippines Corp. has finalized the offer price and the terms for its stock rights offering and bonus detachable warrants with underlying common shares.

In a disclosure to the exchange on Monday, the company said it will be offering 249,442,472 entitlement rights for the price of P5.50 each. Cirtek Holdings placed the ratio at one entitlement right for every 1.68 common shares.

The offer is now sized at P1,371,933,596.

It comes with 249,442,472 bonus detachable warrants and 249,442,472 common shares, “which are being offered free of charge to all subscribers of the entitlement rights.” It comes at an exercise price of P5.50 each.

The company said in its preliminary prospectus that it will use proceeds from the offer to pay for the existing debt or to pay out short-term obligations of Cirtek Electronics Corp. (CEC) and fund the working capital of Quintel Cayman Ltd., CEC, and Cirtek Advanced Technologies and Solutions, Inc.

Proceeds from the exercise of the bonus detachable warrants will also be used to finance the working capital of the said companies.

Shares of Cirtek Holdings at the stock exchange went up by 0.30% to close at P6.62 apiece on Monday. — Keren Concepcion G. Valmonte